Axis Bank reports net loss of ₹1,388 cr in Q4FY20

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> Axis Bank reports net loss of ₹1,388 cr in Q4FY20

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Axis Bank reports net loss of ₹1,388 cr in Q4FY20

Apr 29, 2020 13:28 IST

Axis Bank on Tuesday reported a net loss of ₹1,388 crore for the last quarter of FY20 due to higher provisions. The lender had posted a net profit of ₹1,505 crore in the corresponding period of the previous fiscal. However, the bank's net interest income zoomed 19% y-o-y to ₹6,808 crore. The bank set aside ₹7,730 crore in Q4FY20 as against ₹2,711 crore a year ago. As on March 31, 2020, the bank's Gross NPA and Net NPA levels were 4.86% and 1.56% respectively, as against 5% and 2.09% respectively at the end of the previous quarter.